Hong Kong’s commerce chief is set to lead a delegation of mainland Chinese and local firms to Malaysia next week, noting that about 200 enterprises from across the border have already set up offices in the city since last year, using it as a stepping stone to go global.
Secretary for Commerce and Economic Development Algernon Yau Ying-wah also said on Saturday that the city was eyeing emerging markets in Africa, after exploring the Middle East and Central Asia amid geopolitical tensions.
Yau said the coming Malaysia trip would involve exploring business opportunities and signing agreements to confirm bilateral investments.
“The trip is not just to help mainland and Hong Kong enterprises go overseas, but also to potentially attract businesses from other places to Hong Kong … which could help develop the city’s economy,” the minister said.
“This could also in turn help strengthen the industry chain, which could support boosting mainland China’s domestic circulation.”
“Domestic circulation” refers to a concept of strengthening the country’s economic self-reliance by creating a robust domestic market.